Marathon CEO anticipates Bitcoin won’t experience a sudden boom, halving already factored in.
CEO of Marathon Digital Holdings, Fred Thiel, suggests that the upcoming halving of Bitcoin may already be partly factored into the market due to the success of spot ETF approvals. Thiel attributes Bitcoin’s recent surge to an all-time high to the approval of spot ETFs, which has attracted increased capital. He acknowledges the role of ETF approvals in the current market dynamics but believes that Bitcoin’s rally may not be fully exhausted, indicating the potential for further growth after the halving. Since the beginning of 2024, Bitcoin has seen a 60% increase in price, outperforming Ethereum and other altcoins. Despite the implications of reducing Bitcoin’s supply and cutting miners’ rewards, Thiel expresses enthusiasm for the upcoming halving. He estimates that Marathon’s break-even rate after the halving would be around $46,000 per Bitcoin to maintain profitability. Bitcoin is currently trading at $68,826 with a total market value of $2.57 trillion. Marathon’s MARA stock price has declined by over 20% year-to-date.
